Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1887-12-16
THE PRESIDENTS MESSAGE.


,;onal finances which imperatively demands
ir,nediate and careful consideration.
The amount OF money annually exacted,
through the operation OF present laws, from
.ha Industries and necessities Of the people,
largely exceeds the sum necessary to meet the
expenses Of the Government
When we consider that the theory of our in
.+itutions guarantees to every citizen the full
snioynlent of all the fruits of his industry and
.,tarprise. with only such deduction as may
>, his share toward the careful and ecOnom-
,o,I maintenance of the Government which
protects him. it is plain that the exaction of
more than this is indefensible extOrtiOn, and
unable betrayal of American fairness and
f,stice. This wrong inflicted upon those who
raar the burden of national taxation, like
,,ber wrongs multiolies brood of evil con-
.anuences. The public treasury, which should
,nly exist as a conduit conveying the peo-
oIe', tribute to its legitimate objects of ex-
nanditure. becomes a boarding place for
money needlessly withdrawn from trade and
,be peoples use. thus Gripping our national
,nergies. suspending our country's develop
,ueut preventing investment in productive
enterprise threatening financial disturbance,
and inviting schemes of the public plumber.
This condition of our Treasury Is not alto
.,ather new. and il has more than once of late
been submitted to the peoples representative
IN the Congress, who alone can apply
remedy And yet the situation still continues,
With aggravated incidents, more than ever
presaglng financial CONFUSION and wide
spread disaster.
II will not do to neglect this situation be-
-auSe its dangers are not now paIpably
imminent and apparent. They exist none the
a.s certainly. and await the unforeseen and
IluaxDected occasion when suddenly they will
% ureciDated on us.
IN the 10Th day of June, 1885, the excess
IF revenues over public expenditures after
complying with the annual requirements OF
rhe sinking fund act, was 81, S5J, 49, "a; dur
ng the year ended June 30 1886, such excess
amounted to $40, 405, $500, and during the
year ended June 30, 1881, IL reached tne sum
II 500 j67. $40. a.
The annual contributions TO the sinking
fund during the three years above specified,
amounting in the aggregate to S13s,
so o. and deducted from the surplus as
stated were made by calling in for that pUr-
rose outstanding 3 per cent. bonds of the Gov
eminent. During the six months prior to
June 30, 1887, the surplus revenue had grown
40 large by repeated accumulatiOns, and 1t
was feared the withdrawal of this great sum
Of money needed by the people would so affect
the business of the country, that the sum OF
81, 364. 100 of such surplus was applied TO the
payment of the principal and interest OF the
:; per cent. bonds still outstanding and which
we're then payable at the option of the Gov
ernmeut The precarious condition of finan-
cial affairs among the people still needing
relief Immediately after the 3O6h day OF
June 1887, the remainder of the per
cent bonds then outstanding, amount
ing with principal and interest to
che sum Of SlS,877, 800, were called i'll and
applied TO the sinking fund contribution for
me current fiscal year. Notwithstanding
these operations of the Treasury Department
representations of distress i'll business circles
not only continued but increased, and abSo-
Iute peril seemed at hand In these clrcum-
stances the contributions to the sinking fund
FOR the current fiscal year was at once com
Dleted by the expenditure of 81, 684, go. % IN
the purchase of Government bonds not yet
due bearing and A. per cent. interest, the
premium paid thereon averaging about "a per
cent. for the former and per cent. Tor the
latter. In addition to this the interest accru-
ing during the current year upon the out
Standing bonded Indebtedness of the Govern
ment was to some extent anticipated, and
banks selected as repositories of public money
we're permitted to somewhat increase their
deposits
While the eXpedients thus employed, to re
lease to the people the money lying idle IN the
Treasury served to avert immediate danger,
our surplus revenues have continued TO accu-
mulate. the excess for the present year
amounting on the lst day of December to
s55, 80, 7O1. 10, and estimated to reach the
sum OF $113, 0O0, 900 on the 30th Of June next,
at which date it is expected that this sum,
added TO prior accumulatlons, Will swell Ine
There seems to be no assurance that, with
such a withdrawal from use of the people
circulating medium, our business community
may not in the near future be subjected TO
the same distress which was quite lately pro
duced from the same cuuSe. And while the
functions OF our National Treasury should be
few and simple, and while its best condition
would be reached, / believe, by its entire dlS-
connection with private business interests,
yet when, by perry ers;on OF it's purposes, 1t
div holds money uselessly subtracted from
che channels OF trade, there seems TO be
reason for the claim that some Legitimate
means should be devised by the Government
TO restore in an emergency, without waste or
Nxtravaeance such money to its place among
the people
If such an emergency arises there now
exists no clear and undoubted executive
power of elief. Heretofore the redemption
# three per cent. bonds, which were payable
at the option of the Government, has afforded
means for the disbursement of the excess OF
our revenues: but these bonds have all been
retired and there are no bonds outstanding
the payment of which we have the right TO
insist upon The contribution to the sinking
fund which furnishes the occasion for expen
diture in the purchase of bonds has been al,
ready made for the current year, so thar
there is no outlet in that direction.
In the present state of legislation the only
pretense of any existing executive power &c
restore. at this time, any part or our surplus
revenues to the people by its expenditures
consists in the suppostion that the Secretary
of the Treasury may enter the market allo
purchase the bonds of the Government not ye
iue at & rate of premium to be agreed upon
The only provision of law from which such 6
power could be derived Is found in an appro
priation bill passed number of years ago